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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

 

 

 

 

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When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?

Refinance Now with Lendingtree! Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online mortgage refinance company lets you quickly find the best rate given your credit worthiness, loan size and type.

The best refinance companies allow several banks to compete for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.

But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:

  • Application process.  What is the process of gathering the information needed to begin the mortgage search?
  • Number of Lenders.  How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
  • Timeliness.  Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for?

TopConsumerReviews.com has reviewed and ranked the best online mortgage refinance providers available today. We hope these reviews help you as you decide to refinance your mortgage!

Disclosure: We pay our reviewers and we are compensated for our reviews. Click here for details.

Mortgage Refinance Reviews

5 stars
Lending Tree

LENDING TREETopConsumerReviews.com Best-In-Class Blue Ribbon Award

In business since 1996, Lending Tree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of their competition. Read More... Visit
Site

4 stars
Quicken Loans

QUICKEN LOANS

Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans. Read More... Visit
Site

3 stars
The Easy Loan Site

THE EASY LOAN SITE

The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit
Site

3 stars
Loan App

LOAN APP

In business since 1992, Loan App matches customers with up to 4 lenders to help meet their personal refinance needs. The Loan App website was missing important information about the company, the refinance process, the lender network and any associated fees. Read More... Visit
Site

2 stars
Rate Marketplace

RATE MARKETPLACE

Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list. Read More... Visit
Site

1.5 stars
Mortgage Search 123

MORTGAGE SEARCH 123

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit
Site

1 star
Lower My Bills

LOWER MY BILLS

Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information. Read More... Visit
Site

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.

 

 

 

The Home Loan Arranger Experiences Rush of Springtime Mortgage Applications
Jason M. Ruedy, who is also known as The Home Loan Arranger, has experienced a rush in purchase and refinance mortgage applications since the beginning of the 2015 spring season. Reinforcing statistics published in a recent CNBC.com article, Mr. Ruedy agrees that mortgage application volume is on the rise, and urges applicants to lock in mortgage interest rates soon due to the possibility of rate volatility.
Publication Date: April 23, 2015

imortgages Ryan Grant Ranked as One of the Nations Top Originators
Scotsman Guide Releases Top Originators 2014 Rankings
Publication Date: April 25, 2015

David Jaffe Named One of the Top 1% Mortgage Originators in America
On Q Financial, Inc. Mortgage Consultant David Jaffe Honored by Mortgage Executive Magazine
Publication Date: April 06, 2015

220 Marketing has Announced its New Partnership with LoanTek that Unifies the Features of Mortgage Websites and Mortgage Pricing Engines
220 Marketing, an Internet-based marketing company, partners with pricing engine to offer clients full system integration
Publication Date: April 16, 2015

CFB UK Release Commercial Finance Trends for Q1 2015
East-Anglian based commercial finance broker CFB UK has released an insight in to commercial finance trends from Q1 2015.
Publication Date: April 15, 2015

Santa Barbara Professionals Find Home Buying Success through Coastal Housing Partnership
Young Santa Barbara couple gets on the path to home ownership through assistance from Coastal Housing Partnerships educational resources and Employer Member program.
Publication Date: April 21, 2015

5 Mortgage Rate Trends And Predictions For 2015
The Federal Savings Bank informs readers of 5 mortgage rate trends for 2015.
Publication Date: April 10, 2015

Castro Valley CA Real Estate Agent Murline Monat Discusses Multiple Offer Strategies for Home Sellers in the 2015 Real Estate Market
The March 2015 U.S. Economic and Housing Market Outlook by Freddie Mac Chief Economist predicts 2015 will be the best market in eight years. Murline Monat advises that sellers prepare for multiple-bid scenarios on their homes.
Publication Date: April 07, 2015

Doctors Should Act Now to See Sunshine Act Payments Data Before it is Published, Doolittle Advises
LeClairRyan healthcare attorney warns of need to seeand correctgovernment data on payments made to physicians by pharmaceutical and medical device companies.
Publication Date: April 15, 2015

Derek Wetzel Named One of the Top 1% Mortgage Originators in America
On Q Financial, Inc. Mortgage Consultant Derek Wetzel Honored by Mortgage Executive Magazine
Publication Date: April 06, 2015

Jumbo Loan Limit San Diego 2015 Discussed Along With Jumbo Loan Rates On New Page Developed By Home Loans Expert Kevin Leonard
San Diego Jumbo loans expert Kevin Leonard discusses 2015 jumbo loan limits and guidelines on new article. Jumbo and VA Jumbo loan San Diego lenders are offering new products that will allow more individuals to qualify.
Publication Date: April 22, 2015

SubscriberWise Chief to CFPB and Consumers Everywhere: Each of Us has Profound Control over Our Credit Reports and FICO Scores
David Howe, the worlds highest achieving credit consumer since the founding of the Fair Isaac Corporation and the conception of the FICO score, encourages consumers to become intimate with their credit through the following public service announcement that includes insights and suggestions for improving and maintaining excellent credit.
Publication Date: April 26, 2015

 

 

 

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